Jun 3, 2022 - Economy & Business
"Platty Joobs" trends online for Queen's Platinum Jubilee
Trending online this week was “platty joobs” or “platty jubes," a play on Platinum Jubilee — or the 70th anniversary of Queen Elizabeth II's ascension to the throne.
Why it matters: The queen is the first British monarch to celebrate the milestone.
- People are divided on the "platty joobs" moniker, but agree it’s addictive.
The big picture: The celebration's economic impact depends on who you ask. It may translate into a brief spurt of localized consumer spending, but Axios' Felix Salmon suggests the four-day festivity is a drag on productivity (Thursday and Friday were public holidays).
By the numbers: The U.K. government said it expects more than 200,000 local events and street parties to be held between Thursday and Sunday, according to Barron’s.
- Grocery chain Co-op predicted “a bigger sales period than Christmas,” the same report said.
What to watch: How long the jubilation lasts.
- Past royal events have driven foot traffic to stores and bars and propped up alcohol, apparel and decoration sales.
- But inflation is cutting into budgets, and pent-up demand for travel may mean not as many people are around, Bloomberg opinion columnist Andrea Felsted notes.